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Here is why Marvell Technology Inc. (MRVL) stock had a GOOD Thursday?

Marvell Technology Inc. (MRVL) shares surged 15.87% in after-hours on Thursday, December 02, 2021, and closed the daily trading at $82.30. Even in the regular trading session, MRVL’s stock gained 0.11%. MRVL shares have risen 55.70% over the last 12 months, and they have moved down 3.83% in the past week. Over the past three months, the stock has gained 15.83%, while over the past six months, it has soared 45.85%.

Let’s see what are the latest news about the company?

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MRVL news Ethernet PHYs

On December 2, 2021, Marvell (MRVL) introduced the industry’s first 802.1AE MACsec integrated dual 1000BT1 and 100BT1 EthernetPHYs. The newly announced products extend Marvell’s leadership in automotive Ethernet PHY while aiding OEMs in the transition toward software-defined vehicles.

MRVL new Ethernet deviceBrightlane

On December 2, 2021, Marvell (MRVL) revealed the industry’s first multi-gig Ethernet camera bridge solution, 88QB5224, for best-in-class video distribution in connected vehicles. The new device will increase power for software-defined vehicles. The new Ethernet device is the latest addition to Marvell’s Brightlane automotive portfolio, which is delivering a host of innovative and secure solutions for the vehicles of the future.

MRVL latest financial results

On December 2, 2021, Marvell Technology, Inc. (MRVL) reported financial results for the third quarter of the fiscal year 2022.

Q3 2022 financial highlights

  • MRVL reported total revenue of $1.211 billion for the third quarter of fiscal 2022 compared to $1.075 billion in Q3 2021.
  • The total cost of revenue was $623.42 million in Q3 2022 compared to $704.05 million in Q3 2021.
  • The gross profit was $587.8 million compared to $371.8 million in Q3 2021.
  • Total operating expenses were $621.16 million in Q3 2022 compared to $638.5 million in Q3 2021.
  • It suffered a net loss of $63 million or $0.08per diluted share in Q3 2022 compared to a net loss of $276.5 million or $0.34 per diluted share in Q3 2021.

Q4 2022 financial outlook

  • Net revenue is expected to be $1.320 billion+/- 3%.
  • GAAP gross margin is expected to be 47.9% to 49.8%.
  • GAAP operating expenses are expected to be $630 million to $640 million.

MRVL Bond exchange

On November 16, 2021, Marvell Technology, Inc. (MRVL), commenced an offer to exchange certain of the Company’s outstanding unregistered notes for new registered notes, to fulfill the Company’s obligations under the applicable registration rights agreement entered into in connection with the issuance of the Outstanding Notes.

The Company is offering to exchange up to (i) $433,817,000 aggregate principal amount of new 4.200% Senior Notes due 2023 and (ii) $479,394,000 aggregate principal amount of new 4.875% Senior Notes due 2028.

Conclusion

Marvell Stock performed well on Thursday after it announced new products and its financial results. We can see it continue its momentum on Friday as well.

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